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29 Jan 2003
MOODY'S REBAIXA RATINGS DA COMPANHIA ENERGÉTICA DE MINAS GERAIS (CEMIG)
A Moody's Investors Service rebaixou os ratings da Companhia Energética de Minas Gerais (CEMIG). Os ratings das debêntures e de emissor da empresa foram rebaixados de Aa2.br para Baa3.br, na Escala Nacional Brasileira, e de Ba1 para B1, na Escala Global de Moeda Local. Com este rebaixamento, a Moody's conclui o processo de revisão dos ratings. A perspectiva é negativa.
O rebaixamento reflete o fraco fluxo de caixa da CEMIG, relativamente à crescente alavancagem financeira e ao considerável endividamento em moeda estrangeira. A dívida total da empresa é de aproximadamente R$ 3,5 bilhões (em 30 de setembro de 2002), ou 35% da capitalização total. Desse total, aproximadamente 64% está denominado em - ou atrelado ao - dólar, o que afeta proporcionalmente a alavancagem da CEMIG, bem como as necessidades para cobrir seu serviço da dívida. Apesar do aumento de 33% nas receitas, despesas maiores com juros causaram à CEMIG um prejuízo líquido, nos três primeiros trimestres de 2002, de R$ 268 milhões, comparados à um prejuízo líquido de R$ 195 milhões no mesmo período do ano anterior.
O rebaixamento também considera a significativa necessidade de refinanciamento da CEMIG em 2003. Os vencimentos em 2003 totalizam R$1,1 bilhão, incluindo R$ 757 milhões de dívida em moeda estrangeira. A empresa planeja financiar tais vencimentos com R$ 400 milhões que tem em caixa, linhas de crédito do BNDES, e com a emissão adicional de dívida.
A perspectiva negativa incorpora o risco de execução relativo aos planos da CEMIG de levantar capital e assegurar uma linha de crédito do BNDES em 2003, especialmente considerando que a empresa projeta gastos com investimentos da ordem de R$ 2,2 bilhões até 2005. Além disso, a Moody's acredita que os gastos com investimentos e dividendos possam não ser financiados internamente através da geração de caixa nos próximos anos, indicando um potencial aumento do endividamento. A perspectiva reflete também a incerteza com relação a possíveis intervenções do controlador da CEMIG, o estado de Minas Gerais (classificado como B3).
A CEMIG é uma empresa de energia elétrica verticalmente integrada, líder no Brasil, e uma das maiores distribuidoras de energia da América Latina. Opera no estado de Minas Gerais, o terceiro maior mercado brasileiro (precedido por São Paulo e Rio de Janeiro). A empresa tem 5.633 MW de capacidade total instalada de geração, atendendo à aproximadamente 84% dos 5 milhões de consumidores de energia elétrica de Minas Gerais. Quase toda capacidade de geração da empresa é hidrelétrica. A empresa tem a concessão exclusiva de distribuição em Minas Gerais, cobrindo por volta de 97% da área geográfica do estado. A CEMIG também distribui gás natural e tem limitados investimentos em telecomunicações.
No Related Data.
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